APAC Financial Institutions Fight With Security Cause by Accelerated Digital Change
An accelerated rate of change
Financial institutions throughout Asia-Pacific (APAC) are rushing ahead of their peers throughout Europe and North America when it concerns digital transformation, leading software supplier ITRS Group’s most up-to-date data reveals. However, amid this accelerated rate of change, avoiding prolonged durations of unplanned downtime remains an obstacle for companies in the region.
85% of companies in APAC think accelerated changes to their IT environment over the last twelve months have made it tougher to preserve customer SLAs/SLOs the study shows contrasted to an international average of just 79%.
Crucially, this rate of transformation is leaving some financial institutions in APAC incapable of properly handling their systems data and digital Security, causing a high rate of outages in the area. Greater than one in five APAC-based organizations are experiencing a minimum of one day of unintended downtime annually (greater than North America or Europe) regardless of 92% of companies in APAC considering that their IT solutions can pre-empt problems before they cause downtime.
According to Guy Warren, CEO at ITRS Group, while accelerated rates of change offer the opportunity for companies, they can also exacerbate their weaknesses. In addition to compromising companies’ capability to preserve existing service standards, this accelerated change lays companies bare to cyber risks.
Guy Warren stated that the rate of change most concerningly exceeds the capability of companies’ IT solutions to anticipate and respond to problems before they cause downtime. Guy Warren adds that while his Group’s data presents that most APAC-based companies think their IT services can anticipate problems before they cause downtime, their study shows that the area has the greatest rates of longer-term outages. And with digital transformation rates only set to rise, this problem will remain to accelerate.
More durable operational resilience is essential to companies’ regulatory compliance and survival. The reputational damages and consumer losses following repeated downfalls can not be ignored. Companies have to act now or deal with the repercussions later, stated Guy Warren.
Read the original article on The Fintech Times.
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